Indicators for popular meme coins SHIB and DOGE have already hit seven-week highs, with Shiba Inu and Dogecoin growing more than 30% in active addresses over the past 10 days, according to Santiment data.

   "Whatever your opinion may be on #Dogecoin and #ShibaInu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, $DOGE (+32%) and $SHIB (+35%) have seen many returning network interactions."

doge shib

Both cryptocurrencies started the month with 123,110 active addresses for Dogecoin and 3,975 active addresses for Shiba Inu. Also, for two weeks, the value of the indicator did not change much when the first intra-month jump occurred on June 14, and the values ​​were 137,150 and 5,222 active addresses accordingly. After that, there was a decline and finally, in the last days of June, the previous record was updated.

It is interesting that high updates for Shiba Inu and Dogecoin occur on different, but contiguous, dates. Thus, the number of active DOGE addresses reached a maximum of 138,680 on June 27. SHIB reached its maximum on June 28 with a total of 6,759 active addresses.

Shib Doge-2

At the peak, the number of active addresses was 12.5% ​​higher for DOGE and 68.2% higher for SHIB compared to the beginning of the month. It is also worth noting that before the renewal of high levels of network activity of cryptocurrencies, there was a strong increase in the prices of both projects, which faded during the period of maximum activity.

It is difficult to say exactly what is driving the growth of active Shiba Inu and Dogecoin addresses, especially at a time when, unlike many other popular projects, activity is declining. It may be due to the widespread adoption of both SHIB and DOGE as a means of payment by merchants and payment systems, or the heavy work of project teams on new solutions such as Shibarium or Dogechain.